Consolidated Edison, Inc. (NYSE:ED) Expected to Post Quarterly Sales of $2.85 Billion

Analysts expect that Consolidated Edison, Inc. (NYSE:ED) will post $2.85 billion in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Consolidated Edison’s earnings. The lowest sales estimate is $2.83 billion and the highest is $2.87 billion. Consolidated Edison reported sales of $2.74 billion during the same quarter last year, which would suggest a positive year over year growth rate of 4%. The business is expected to announce its next earnings report on Thursday, August 6th.

According to Zacks, analysts expect that Consolidated Edison will report full-year sales of $12.91 billion for the current financial year, with estimates ranging from $12.75 billion to $12.99 billion. For the next financial year, analysts expect that the company will post sales of $13.31 billion, with estimates ranging from $13.13 billion to $13.51 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Consolidated Edison.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 7th. The utilities provider reported $1.35 earnings per share for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.08). The firm had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.60 billion. Consolidated Edison had a net margin of 10.53% and a return on equity of 7.92%. During the same quarter last year, the firm posted $1.39 EPS.

ED has been the topic of several research analyst reports. UBS Group decreased their price target on shares of Consolidated Edison from $96.00 to $88.00 and set a “neutral” rating on the stock in a research note on Monday, March 16th. Morgan Stanley reduced their target price on shares of Consolidated Edison from $84.00 to $76.00 and set an “underweight” rating on the stock in a report on Friday, May 15th. Barclays reduced their target price on shares of Consolidated Edison from $83.00 to $64.00 and set an “underweight” rating on the stock in a report on Thursday, March 26th. Bank of America restated a “buy” rating and issued a $85.00 target price (down from $91.00) on shares of Consolidated Edison in a report on Friday, May 8th. Finally, Royal Bank of Canada restated a “hold” rating and issued a $85.00 target price on shares of Consolidated Edison in a report on Thursday, April 30th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $79.09.

A number of hedge funds have recently modified their holdings of the business. Cadence Capital Management LLC grew its stake in Consolidated Edison by 3.3% in the 4th quarter. Cadence Capital Management LLC now owns 3,396 shares of the utilities provider’s stock worth $307,000 after acquiring an additional 109 shares in the last quarter. Cetera Advisors LLC grew its stake in Consolidated Edison by 1.8% in the 4th quarter. Cetera Advisors LLC now owns 6,345 shares of the utilities provider’s stock worth $574,000 after acquiring an additional 113 shares in the last quarter. Fiera Capital Corp grew its stake in Consolidated Edison by 4.8% in the 4th quarter. Fiera Capital Corp now owns 2,500 shares of the utilities provider’s stock worth $226,000 after acquiring an additional 115 shares in the last quarter. Delta Asset Management LLC TN grew its stake in Consolidated Edison by 0.8% in the 4th quarter. Delta Asset Management LLC TN now owns 14,038 shares of the utilities provider’s stock worth $1,270,000 after acquiring an additional 116 shares in the last quarter. Finally, GSB Wealth Management LLC lifted its position in shares of Consolidated Edison by 4.6% in the 4th quarter. GSB Wealth Management LLC now owns 2,646 shares of the utilities provider’s stock worth $239,000 after purchasing an additional 116 shares during the period. Institutional investors and hedge funds own 59.31% of the company’s stock.

ED stock traded up $0.26 during mid-day trading on Monday, hitting $70.18. The company had a trading volume of 1,397,037 shares, compared to its average volume of 2,116,714. The company has a market capitalization of $23.36 billion, a price-to-earnings ratio of 18.09, a P/E/G ratio of 8.08 and a beta of 0.23. Consolidated Edison has a 12-month low of $62.03 and a 12-month high of $95.10. The company has a quick ratio of 0.74, a current ratio of 0.80 and a debt-to-equity ratio of 1.10. The company has a 50-day moving average price of $79.53 and a 200 day moving average price of $85.83.

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Wednesday, May 13th will be issued a dividend of $0.765 per share. The ex-dividend date is Tuesday, May 12th. This represents a $3.06 annualized dividend and a yield of 4.36%. Consolidated Edison’s payout ratio is 70.02%.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,622 customers in parts of Manhattan.

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